Abu Dhabi to spend US$90 billion on development projects

Wednesday, 16 January 2013 06:45

Abu Dhabi’s development plans include building more than 12,500 houses as well as schools, roads and other infrastructure. (Image source: Kalmyket/Flickr)Abu Dhabi's executive council announced that the emirate plans to spend US$90bn on development projects over the next five years

The allocations are in line with the Abu Dhabi government’s policy of diversifying its economic resources and reduce dependence on oil and gas industry revenues, the council said in a statement.

The plan includes creating 5,000 new jobs for UAE nationals in the emirate in 2013. Some US$820mn worth of housing loans would be provided under the 2013-17 plan.

The government of Abu Dhabi, the largest of the seven United Arab Emirates said that the plan includes building more than 12,500 houses as well as schools, roads and other infrastructure. It said it was improving the investment environment by offering incentives and better facilities to companies.

“Social development projects were given priority in the council's deliberations due to their direct impact on public life. The council members underlined the necessity to move forward with the social development projects in accordance with the timetables already stated because these projects are closely associated with progress being made in other sectors,” the statement added.